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What is a reservation agreement UK?

A reservation agreement is used when a buyer wants to prevent a seller from negotiating the sale of a property with another party for a fixed period of time. The objective is to offer the buyer time to proceed with the transaction without running the risk of losing the property to a rival buyer (aka gazumping).

What is a reservation UK?

an arrangement in which something such as a seat on an aircraft or a table at a restaurant is kept for you: Id like to make a table reservation for two people for nine oclock. Please confirm your reservation in writing by Friday.

What is an example of a reservation in real estate?

For example, if a grantor is selling lots that have a private road traversing it, which the grantor wants to maintain access to, the deed might contain a reservation similar to the following: grantor reserves to himself an easement of access to lots.

What is a lot reservation agreement?

Thats called a reservation or an option to purchase a lot when it is completed. The depositor will have the opportunity, before a proposed lot is completed and for sale to submit an offer to purchase within 15 days after receipt of written notice from the Developer of its availability.